On the original trailer we saw a small scene where Bilbo sees the Sword that was broken for the first time. Additionally, briefly standing with Elrond talking.

We know he has now found the ring and used it's powers and it's begun taking immediate hold of him.

Scenario: Bilbo speaking with Elrond and Elrond is explaining the history of the sword and that it is the sword that Isildur cut the one ring from Sauron's very hand. He further explains that Isildur was killed and the ring lost for over 3,000 years. Bilbo realizes the rings "magical" powers. He puts two and two together and surmises that it is in fact THE ONE RING.

Cut to the ending scene of TABA: Bilbo at his desk with the red book in Bag End. The final words of the saga are "THE RING IS MINE!!!, MY PRECIOUS!!!..............fade to credits, theme music plays.

Even Gandalf didn't know that the ring was the RING until after he saw how Bilbo was being affected by the ring at his farewell party and Gandalf went off and researched it. He then came back to have Frodo check the ring after it was placed in the fire. I don't think Bilbo ever knew what the ring was.

Gandalf didn't "know", suspected yes, but he still wasn't completely sure till he threw it in the fire. I agree completely that Bilbo never knew the true nature of the ring.

As to the OP I think they need to leave it being the "one ring" out of the rest of the Hobbit. It IMO has no place what so ever in the story and simply confuses things. Making Gandalf look foolish for not realizing it earlier. I think they have already overplayed the rings true nature... So for me the less said about the ring other than it being a simple magic ring which grants its wearer invisibility, the better

to giggle at the very idea of such a trilogy ending with, "My precious!" or to sit in horrified silence at the idea.

I'm going to assume that this is a joke, therefore, and giggle. Nice one.

On a more serious note, I don't think Elrond would tell Bilbo the whole ramifications about the One Ring, seeing as how neither Bilbo nor Elrond had *any* idea at that point that BIlbo would providentially find it. So Bilbo would then have no way of knowing all along.

Besides, there were lesser rings. It was only once the Ring gave long life that it became known as one of the greater Rings, so it might have taken anyone a while to come to that conclusion. (Of course, there's its effect on Gollum, but BIlbo really had no way of knowing he'd been down there for 500 years.) "I had forgotten that. It is hard to be sure of anything among so many marvels. The world is all grown strange. Elf and Dwarf in company walk in our daily fields; and folk speak with the Lady of the Wood and yet live; and the Sword comes back to war that was broken in the long ages ere the fathers of our fathers rode into the Mark! How shall a man judge what to do in such times?"

"As he ever has judged. Good and ill have not changed since yesteryear; nor are they one thing among Elves and Dwarves and another among Men. It is a man's part to discern them, as much in the Golden Wood as in his own house."